Posted: 29 November 2011
Issue: Online only
Categories: Update, News, Business Tax, IT & NIC

Business basics are problem for some, poll claims

More than a third of start-up businesses in the UK do not know the VAT threshold, according to accounting software provider Intuit.

The results of a survey by the company show that 39% of nascent firms are not aware of the £73,000 limit, while 23% fail to understand the definition of ‘VAT taxable turnover’.

The poll of representatives of 155 start-ups quizzed about business basics, taken in the lead up to the 31 January deadline forfiling tax returns, also found that almost half (47%) did not know the correct definition of ‘gross profit’ and 31% did not recognise the meaning of ‘turnover’.

 

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